https://www.taxtmi.com/caselaws?id=390273 The ITAT upheld the disallowance of power and water charges claimed as liquidated damages by a real estate development company in a Joint Development Project. The expenses were not considered compensation for breach of contract as the company failed to prove the payment was by way of compensation. The ITAT dismissed the appeal, citing the lack of evidence supporting the characterization of the payment as liquidated damages and the company's admission of the disallowance during assessment proceedings. en-us Fri, 29 Nov 2019 00:00:00 +0530 Fri, 27 Dec 2019 09:06:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=390273 The ITAT upheld the disallowance of power and water charges claimed as liquidated damages by a real estate development company in a Joint Development Project. The expenses were not considered compensation for breach of contract as the company failed to prove the payment was by way of compensation. The ITAT dismissed the appeal, citing the lack of evidence supporting the characterization of the payment as liquidated damages and the company's admission of the disallowance during assessment proceedings. Case-Laws Income Tax Fri, 29 Nov 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=390273